Please note that effective from September 29th 2025, ICAP EU OTF Rate Card has been updated with details regarding a rate change for SSA and Covered EUR Bonds. For more information, please visit website:

ICAP EU OTF Venue Page

Capitalised terms used in this Market Notice shall have the meaning ascribed to them In the ICAP EU OTF Rulebook.

Please direct any questions regarding this Market Notice to:

Email:
ICAP EU OTF

Postal adress:

TP ICAP (Europe) S.A.,
42 rue Washington
75008 Paris
France

PARIS, 23 September 2025 – TP ICAP Europe (TPIE), filiale de TP ICAP Group plc, un fournisseur d'infrastructures de marchés financiers de premier plan, a le plaisir d'annoncer la nomination de Laurent Garret en tant qu'administrateur non exécutif indépendant, à compter du 1er septembre 2025.

Cette nomination est une étape clé dans le renforcement de la gouvernance et de la supervision stratégique de TP ICAP Europe et fait suite à la nomination en juin de cette année de Lorraine Sereyjol-Garros en tant que Directrice Générale de TPIE et Responsable de l'Europe Continentale. Laurent Garret apporte une carrière distinguée de plus de trente ans au sein d'institutions financières internationales, incluant des rôles de haute direction dans de grandes banques. Son vaste réseau et son expérience seront inestimables pour soutenir la croissance et l'excellence opérationnelle de TPIE. 

Sébastien Rozès, Président de TPIE et Directeur Général de TP ICAP EMEA: 

« Laurent Garret est une figure très respectée et expérimentée dans le secteur financier, et sa nomination témoigne de notre engagement à renforcer la gouvernance de TPIE. Sa profonde expertise et sa perspicacité seront un atout majeur alors que nous continuons de grandir et de naviguer dans la complexité du marché européen. »

"Diplômé de l'Université Paris-Dauphine, Laurent Garret a occupé des postes à responsabilité à Francfort, Londres et Paris au sein de la Banque Indosuez, de la Deutsche Bank, d'ABN Amro et de la Royal Bank of Scotland, où il a exercé les fonctions de Head of Markets, France. En 2015, il a rejoint la Banque privée Neuflize OBC, où il occupe le poste de Président du Directoire depuis 2017. Il préside également le Conseil d'Administration de Neuflize Vie."

FIN

TP ICAP
Tom GILBERT | +44 7741231950 | thomas.gilbert@tpicap.com
H/Advisors Havas Paris
Alexandre SÉHIER | +33 6 07 03 65 33 | alexandre.sehier-vilmart@havas.com

À propos de TP ICAP Group plc.
Par l'intermédiaire de nos collaborateurs et de notre technologie, TP ICAP connecte les acheteurs et les vendeurs sur les marchés mondiaux des produits financiers, de l'énergie et des matières premières. Nous sommes un leader mondial dans la fourniture de liquidité OTC et de solutions de données, avec un portefeuille de marques de premier plan telles qu'ICAP, Tullett Prebon, PVM, Liquidnet et Parameta Solutions. Ces activités offrent des services de courtage, des données et des analyses, ainsi que de l'intelligence de marché auxquels nos clients du monde entier font confiance. Nous opérons dans plus de 60 bureaux répartis dans 28 pays. www.tpicap.com 

SINGAPORE, 22 September 2025 – ICAP Energy & Commodities has been named Weather House of the Year at the 2025 Energy Risk Asia Awards, recognising its leadership and innovation in weather derivatives across the Asia-Pacific region.

This accolade highlights ICAP’s continued excellence in delivering tailored weather risk solutions to clients across Australia, New Zealand, and beyond. The award reflects the firm’s deep market expertise, commitment to client service, and its ability to navigate complex climate-linked exposures with precision and agility.

"We’re incredibly proud to be recognised as Weather House of the Year. This award is a testament to the dedication of our team and the trust our clients place in us to help manage weather-related risks in increasingly volatile markets," said Kellee Campbell, Divisional Director – Energy & Commodities, Australia & New Zealand, and Head of Global Weather Derivatives."As climate dynamics continue to reshape the energy landscape, ICAP remains committed to delivering innovative solutions that empower our clients to stay ahead."

The win follows ICAP’s broader success at the 2025 Energy Risk Awards, where it was also named Commodity Broker of the Year, underscoring its strength across multiple asset classes.

ENDS

About TP ICAP Group plc 
TP ICAP is a global leader in connecting buyers and sellers across financial, energy, and commodities markets. Leveraging our expertise and cutting-edge technology, we provide unparalleled OTC liquidity and data solutions. Our portfolio includes renowned brands such as ICAP, Tullett Prebon, PVM, Liquidnet, and Parameta Solutions. These brands deliver trusted broking services, comprehensive data & analytics, and insightful market intelligence to clients worldwide. With a presence in over 60 offices across 28 countries, TP ICAP is committed to driving market efficiency and innovation.

Media Contact     
Tom Gilbert | +44 7741231950 | thomas.gilbert@tpicap.com     

Please note that the rate card for the IOCD - Credit segment of the ICAP UK OTF has been updated to include Exotic Credit Index Tranches and Crossover CDS Tranches. The new rate card takes effect from 18th September 2025.

Please direct any questions regarding this Market Notice to:

Email: islotfoperator@tpicap.com 

Post: TP ICAP Broking Limited, 135 Bishopsgate, London EC2M 3TP, United Kingdom.

Please note that the rate card for the IOIR - Interest Rates Derivatives segment of the ICAP UK OTF has been updated and takes effect from 15th September 2025.

Please direct any questions regarding this Market Notice to:

Email: islotfoperator@tpicap.com 

Post: TP ICAP Broking Limited, 135 Bishopsgate, London EC2M 3TP, United Kingdom.

Please note that the TSCD Credit segment of the TP UK OTF rate card has been updated and takes effect from 15 September 2025. 

Please direct any questions regarding this Market Notice to:

Email: tpsotfoperator@tpicap.com

Post: TP ICAP Broking Limited, 135 Bishopsgate, London EC2M 3TP, United Kingdom

LONDON, 12 September 2025 – TP ICAP Group, a world-leading provider of market infrastructure, has retained its title as Global Capital’s “Global Interdealer Broker of the Year”. 

Operating through its client-facing brands ICAP and Tullett Prebon, TP ICAP was once again recognised for its consistent delivery of exceptional client service and technical innovation across multiple asset classes in the world’s financial markets.

Commenting on the win, Dan Fields, CEO of TP ICAP’s Global Broking division, said, 

“This is the second year that ICAP, Tullett Prebon, and TP ICAP Group have been honoured with this award. It’s a testament to the trust our clients place in us and the dedication of our teams worldwide.
Amidst a year of exceptional volatility, our commitment to client service and reliable execution, coupled with our innovative Fusion platform, has given clients the confidence to manage their risk and positions with us when it matters most.”

As well as winning the Global award, TP ICAP was also named the "Americas" and "EMEA & APAC" IDB of the Year. Earlier this year, ICAP was named “Commodity Broker of the Year” at Energy Risk’s prestigious Best Commodity Broker rankings.

ENDS

About TP ICAP Group plc 
TP ICAP is a global leader in connecting buyers and sellers across financial, energy, and commodities markets. Leveraging our expertise and cutting-edge technology, we provide unparalleled OTC liquidity and data solutions. Our portfolio includes renowned brands such as ICAP, Tullett Prebon, PVM, Liquidnet, and Parameta Solutions. These brands deliver trusted broking services, comprehensive data & analytics, and insightful market intelligence to clients worldwide. With a presence in over 60 offices across 28 countries, TP ICAP is committed to driving market efficiency and innovation.

Media Contact     
Tom Gilbert | +44 7741231950 | thomas.gilbert@tpicap.com     

The agency broker partners with a panel of four market makers, including XTX Markets, to expand access to bilateral liquidity in Europe.

London, 9 September 2025 - Liquidnet, a leading technology-driven agency execution specialist, today announced the launch of a new trading solution designed to support European buy-side traders in accessing bilateral liquidity  more effectively. The initiative integrates access to bilateral liquidity from Liquidnet’s front-end application and  through the firm’s liquidity-seeking algorithmic suite, providing a consolidated and controlled route to interact with  leading liquidity providers.

The launch is supported by partnerships with multiple market makers, including XTX Markets, with additional participants expected to join in the near future. Access via Liquidnet’s infrastructure, though not in the Liquidnet MTF, will allow Members to preserve execution quality, anonymity, and workflow efficiency.

Bilateral liquidity has become an increasingly important component of European equity trading, now accounting for close to 50% of total market volumes according to Liquidnet’s recent Liquidity Landscape report. Yet, access remains  fragmented and opaque. This initiative aims to provide a streamlined and transparent solution for navigating this space.

Gareth Exton, Head of Execution and Quantitative Services, EMEA, at Liquidnet said: 

“The growth of bilateral trading is reshaping how liquidity is accessed in Europe. Our role is to support our Members in responding to these structural changes. By integrating bilateral liquidity into both our front-end application and liquidity seeking algo suite, we’re giving our Members the tools to access meaningful liquidity with confidence and control whilst helping the market making community to extend their reach and better control their risk.”

The new solution includes:

• A new service to allow configurability for both buy-side traders and liquidity providers;
• Mid-price and touch executions via Liquidnet’s liquidity seeking algos and front-end application;
• Anonymous access to aggregated liquidity streams, with configurability for tiered and Member-specific 
  feeds;
• Execution consulting services to help Members determine optimal liquidity sources and timing;
• Monitoring and analytics to track fill rates, information leakage and venue provider performance.
   

This development aligns with Liquidnet’s broader strategy to innovate in execution capabilities that help industry participants solve complex liquidity challenges, and complements recent investments in its proprietary algorithmic platform.

                                                                                  ENDS

About Liquidnet    
Liquidnet is a leading technology-driven, agency execution specialist that intelligently connects the world’s investors to the world’s investments. Since our founding in 1999, our network has grown to include more than 1,000 institutional investors and spans 57 markets across six continents. We built Liquidnet to make global capital markets more efficient and continue to do so by adding additional participants, enabling trusted access to trading and investment opportunities, and delivering the actionable intelligence and insight that our customers need. For more information, visit www.liquidnet.com and follow us on X @Liquidnet. 

About TP ICAP Group plc   
TP ICAP is a world-leading markets infrastructure and data solutions provider. The Group connects buyers and sellers in wholesale financial, energy and commodities markets. We are the world's largest wholesale market intermediary, with a portfolio of businesses that provide broking services, trade execution, data & analytics, and market intelligence.   

Media Contact 
Sophonie Robichon | Liquidnet | +44-203-933-0153 | srobichon@liquidnet.com        

 

Auckland, 3 September 2025 - Aotearoa Energy, a division of TP ICAP, has made history by executing New Zealand’s first exchange-traded gas option on emsTradepoint, the platform for physical natural gas settlement and matching operated by Transpower New Zealand.

With this milestone, Aotearoa Energy and emsTradepoint have ushered in a new era of flexibility and risk management for the New Zealand energy market, offering participants innovative solutions to navigate an evolving landscape.

This achievement was realised following Aotearoa Energy’s close collaboration with market participations to develop a short-term gas supply solution for major users.

The inaugural deal involved a three-month option at a fixed strike price of $15.50, covering just under half a petajoule and structured for weekly deliveries. The option entitles buyers to take delivery of up to five terajoules per day for the following week at the fixed strike price of $15.50. Following execution of the deal, the New Zealand spot gas market reached trades as high as $41, prompting the option holder to exercise their right and secure guaranteed gas volumes at the predetermined call strike.

Since its launch, the option has been exercised weekly, underscoring its versatility and value to market participants.

Daniel Skipper, founder of Aotearoa Energy, commented:

“While the exchange option is not a new product, it provides end-users in New Zealand with an important hedging tool. Last year saw extremely high electricity prices and ongoing gas shortages, highlighting the volatility of New Zealand’s energy sector. With more commercial and industrial customers considering the spot market, this exchange option introduces a range of products to help both new and existing users manage risk and, importantly, ensure security of supply.” 

END

About TP ICAP Group PLC
Through our people and technology, TP ICAP connects buyers and sellers in global financial, energy, and commodities markets. We are a world-leading provider of OTC liquidity and data solutions, with a portfolio of industry-leading brands that include ICAP, Tullett Prebon, PVM, Liquidnet and Parameta Solutions. These businesses provide broking services, data & analytics, and market intelligence that are trusted by clients globally. We operate from more than 60 offices across 28 countries. 
 

Please note that the Terms of Business has been updated and takes effect from 20 August 2025. The updated version includes a definition and description of the Liquidnet Services provided by the Liquidnet Division.

Please direct any questions regarding this Market Notice to venuequeries@tpicap.com

Post: TP ICAP E&C Limited, 135 Bishopsgate, London, EC2M 3TP, United Kingdom

Please note that the Terms of Business has been updated and takes effect from 20 August 2025. The updated version includes a definition and description of the Liquidnet Services provided by the Liquidnet Division.

For further information or any queries regarding these changes, please contact: tpicapukmtfoperator@tpicap.com

Please note that the Terms of Business has been updated and takes effect from 20 August 2025. The updated version includes a definition and description of the Liquidnet Services provided by the Liquidnet Division.

Questions regarding this Market Notice should be directed to:

Email: venuequeries@tpicap.com 

Post: TP ICAP E&C Limited, 135 Bishopsgate, London EC2M 3TP, United Kingdom.

Please note that the Terms of Business has been updated and takes effect from 20 August 2025. The updated version includes a definition and description of the Liquidnet Services provided by the Liquidnet Division.

Questions regarding this Market Notice should be directed to:

Email: islotfoperator@tpicap.com 

Post: TP ICAP Broking Limited, 135 Bishopsgate, London EC2M 3TP, United Kingdom.

Please note that the Terms of Business has been updated and takes effect from 20 August 2025. The updated version includes a definition and description of the Liquidnet Services provided by the Liquidnet Division.

Questions regarding this market notice should be directed to: tpsmtfoperator@tpicap.com

Email: tpsmtfoperator@tpicap.com

Address: 135 Bishopsgate, London, EC2M 3TP